Home-grown automaker Tata Motors has recently launched Wizz, a special edition of its popular hatchback Tiago. The ex-showroom price of Tata Tiago Wizz is ₹4.52 Lakhs for Petrol and ₹5.30 lakhs for diesel variant. The petrol variant will be powered by a 1.2-litre, 3-cylinder Revotron engine, while the diesel version runs on the back of a 1.05-litre, 3-cylinder Revotorq engine. The diesel variant generates 69 bhp of power at 4,000 rpm and 140 Nm of torque at 1,800-3,000 rpm. On the other hand, the petrol version produces 83.8 bhp power at 6,000 rpm and 114Nm torque at 3,500 rpm, which stands for revolutions per minute.

The launch is in line with the company’s strategy to make most of the festive demand. So, do you want to buy Wizz this festive season? Then, apply for a car loan and pay off the same in easy installments. The EMI starts from ₹6,736, which can fit into the pocket of those earning 30,000 and more. Generally, a lender can disburse a car loan at 85%-90% of the on-road price, which includes ex-showroom price, RTO, insurance and others into the calculation. The loan amount disbursal is also dependent on the income and repayment potential of a borrower. As far as interest rates are concerned, they can be anywhere between 8.75%-12% per annum. The maximum tenure of a car loan is upto 7 years across the lenders in India.

Note – The EMI calculation is made on the basis of 8.75%-12% interest rate and keeping a tenure of 7 years, while the expected loan amount is equivalent to 85%-90% of the on-road price of the vehicles. The ex-showroom and on-road, as stated in the table, pertains to the Wizz models in New Delhi. So, if you buy from other cities, the ex-showroom and on-road price will differ.

A Quick Look at Processing Fee and Other Charges Pertaining to Loan

Processing fee, as the name suggests, is an amount charged by a lender to process the loan. A car loan processing fee can be anywhere between 1%-2% of the loan amount. However, the good news is that the lenders are either trimming the fee or have waived off entirely to tap into the festive season demand. State Bank of India (SBI), the country’s largest lender with over 25,000 branches, has waived off the processing fee entirely till December 31, 2017. Another public lender Bank of Maharashtra (BoM) has also waived off the fee till December, 2017, as part of its festive offers. With the days for festivals like Dussehra and Diwali approaching near, chances are that other lenders could also come with such offers on a car loan to boost their credit cycle in the next 2-3 months.

You also have an option to prepay the loan before the expiry of the tenure. This, in the loan terminology, is called as prepayment, which comes with a fee though. Normally, the lenders keep the prepayment charge at around 2%-5% of the outstanding balance. However, you can find a bank or two which won’t charge on prepayment.

Exciting Features of Tata Tiago Wizz at Your Fingertips

Wizz is studded with exciting features to make your ride a memorable one each time. Want to read out those features? Then, glance at the points below.

Disclaimer: The word ‘wish’ in the context of Wishfin.com is to be understood as an expression of desire or aspiration by the user, and not as a promise of fulfillment by Wishfin. We do not provide loans on our own, but merely ensure that your information is sent to the bank you have opted for. Wishfin has no sales team of its own. We just help you compare loans. We do not guarantee any loans as the loans are sanctioned by Banks and Nbfcs as per their discretion and decision. Read More